The proper journal entry to record the receipt of inventory purchased on account in a perpetual inventory system would be: Jan 1 Inventory 540.00 Accounts Payable 540.00 Jan 1 Office Supplies 540.00 Accounts Payable 540.00 Jan 1 Purchases 540.00 Accounts Payable 540.00 Jan 1 Purchases 540.00 Accounts Receivable 540.00

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Adriel Ruiz

14 September, 02:10

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Cierra Singleton · Answer 1

Jan 1 Inventory 540.00 Accounts Payable 540.00

Inventory Would be debited by 540 and Accounts payable will be credited by 540